Res 1992-038 - Laserfiche WebLink

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After July, penalty remains at 12%, and interest increases at the rate of 1 % each month. In addition, if an account is delinquent in July, a IS% attorney'. collection fcc is added to the total tax penalty and intercat charge. Tea Lal'lest Taxpayers Name of Taxoaver National Oil Well San Marcos Telephone Co. Therman Manufacturing Co. Composite Technology Engine Corp. Kroger Company d/b/a Peyton Ind. Parkview Metal Products Outlook. Growth Fund BMC Real Estate, Inc. Springtown Center Hill Country Tax Rate Limitatioa Nature of Prooertv Oilfield Equipment Manufacturer Telephone Utility Manufacturing Plant Manufacturing Plant Food Distribution Center Manufacturing Plant Apartment Complex Real Estate Property Commercial Real Estate Apartments 1991 Taxable Assessed Valuation $18,173,000 9,929,820 8,767,570 1,354,170 6,411,000 4,213,310 3,627,180 3,618,120 3,574,460 3.568.5SO $69,237,180 " of Total Taxable Asaessed Valuation 3.00" 1.64% 1.45% 1.2.1~ 1.06% 0.69% 0.60% 0.60" 0.59% ~ 11.43% All taxable property within the City is subject to the assessment, levy and coDection by the City of a continuing, direct annual ad valorem tax sufficient to provide for the payment of principal of and intercat on all ad valorem tax debt within the limits prescnbed by law. Article Xl, Section 5, of the Texas Constitution provides for maximum ad valorem tax rate of $2.SO per $100 Assessed Valuation for all City purposes. The City operates under a Home Rule Charter which adopts the constitutional provisions. By each September 1 or as soon thereafter as practicable, the City Council adopts a tax rate per $100 taxable value for the current year. The tax rate consists of two components: (1) a rate for funding of maintenance and operation expenditures, and (2) a rate for debt service. Under the Tax Code: The City must annually calculate and publicize its "effective tax rate" and "rollback. tax rate". The City (Council) (Commission) may not adopt a tax rate that exceeds the lower of the rollback. tax rate or 103" of the effective tax rate until it has held a public hearing on the proposed increase following notice to the taxpayers and otherwise complied with the Tax Code. If the adopted tax rate exceeds the rollback. tax rate, the qualified voters of the City by petition may require that an election be held to determine whether or not to reduce the tax rate adopted for the cU}TCllt year to the rollback tax rate. "Bffective tax rate" means the rate that will produce last year'. total tax levy (adjusted) from this year'. total taxable values (adjusted). "Adjusted" means lost values are not included in the calculation onut year's taxea and new values are not included in this year'. taxable valuCl. "Rollback tax rate" me&DI the rate that will produce last year's maintenance and operation tax levy (adjusted) from this year's VaIuCl (adjusted) multiplied by 1.08 plus a rate that will produce this year'. debt service from this year'. valllCl (unadjusted) divided by the anticipated tax collection rate. 'The Tax Code provides that certain em and countiCl in the State may .ubmit a proposition to the voters to ~uthorize an additional one-half cent sales tax on retail salea of taxable items. If the additional tax is levied, the effective tax rate and the rollback tax rate calculatioDl are required to be offset by the revenue that will be generated by the salca tax in the current year. The City (does) (doca not) collect the additional one-half cent sales tax. Reference is made to the Tax Code for definitive requirements for the levy and coDcction of ad valorem taxCl and the ca1culItion of the various defined tax rate. 11